Amendment of Act 27 of 1957

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.... immovable, but does not include, - (1) in relation to the assessment year commencing on the 1st day of April, 1969, or any earlier assessment year - (i) agricultural land and growing crops, grass or standing trees on such land; (ii) any building owned or occupied by a cultivator of, or receiver of rent or revenue out of, agricultural land : Provided that the bu....

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....he terms and condition relating thereto preclude the commutation of any portion thereof into a lump sum grant; (iii) any interest in property where the interest is available to an assessee for a period not exceeding six years from the date the interest vests the assessee;; (b) in section 5, in sub-section (1), - (i) after clause (iv), the following clause shall be insert....

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.... (ii) after clause (viii), the following clause shall be inserted with effect from the 1st day of April, 1970, namely :- "(viiia) growing crops (including fruits on trees) on agricultural land and grass on such land;"; (iii) for clause (ix) and the Explanation thereto, the following clause (ix) and Explanation shall be substituted with effect from the 1st day of April, 1970 n....

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....or every month during which the default continued, equal to one-half per cent. of - (A) the net wealth assessed under section 16 as reduced by the amount of net wealth on which, in accordance with the rates of wealth-tax specified in Paragraph A of Part I of the Schedule or Part II of the Schedule, the wealth-tax chargeable is nil, or (B) the net wealth assessed under section 17,....